Increase Revenue by Adding Value to Your Offers with Marco Torres

—Salim Omar and Rodney Deloe chat with successful entrepreneur, Marco Torres.

Small businesses require a steady cash flow with consistent growth in profits in order to stay afloat. For small business owners, competing with larger businesses can be daunting. Learn the best practices and trade secrets that have helped countless small businesses succeed. Apply these tips to your own eCommerce business and help your enterprise flourish.

Meet Marco Torres

Founder and owner of www.marketingboost.com, Marco Torres is a successful entrepreneur and marketing strategy expert. His work revolves around incentive based marketing. He assists small businesses by helping them get noticed, quadrupling their sales. An internet marketer since the mid 90's, Torres is well versed in the fundamentals of digital marketing. With a keen eye for business, by the age of 23, he had already opened five restaurants and a nightclub. He knew that his future lay in business. Torres dabbled in the corporate world, moving through jobs, eventually becoming the food and beverage director of the Sands Hotel and Casino in San Juan, Puerto Rico. Torres has generated over a billion dollars in sales from his own businesses, his clients and the people he has worked for.

His business was launched in 2017. It has grown into a global business that serves entrepreneurs. His mission is to make it easy for small entrepreneurs to compete with big business. He does this by encouraging business owners to add high value incentives to their offers.

How Does a Small Business Stand Out?

While businesses add discounts to their offers to stand out, Torres recommends using bonuses and special offers instead. He states, "If you are just starting out, offering discounts can have a severe negative impact on your bottom line. All businesses face competition. You have to stand out from the crowd." He explains that small businesses are tempted to lower their prices to attract customers. This is a dangerous strategy that does not work well. Lowering your prices can put you out of business before you realize it. Dropping your price will force you to double sales so you can achieve the same net profit before the discount. A small business can make its mark simply by offering additional bonus offers.

What Types of Bonuses Can a New Business Offer?

Small businesses should offer incentives. This is because they can keep a crowd captivated until the end of their webinars, setting them up in the perfect position to get the sale. A small business may struggle with offering incentives, however there are many affordable ways you can do this, such as—

Offering more hours to your clients.
Adding products that have been sitting on your shelf to your offer.
Giving away a complimentary hotel stay, regardless of the industry niche you're in.
Encourage clients to join your webinars and podcasts by offering free giveaways.

Why Do Value Added Incentives Beat Discounting Prices?

According to Torres, numerous psychological tests have shown that people respond better to the bonus offers than they do a discount.

He draws comparisons between "buy one, get one free offers" where the impulse buy is immediate, even if the customer does not need the product, or it is priced the same.

Studies have found that any kind of additional bonus or additional units draws more attention than a discount. You need a substantial discount of 25 to 50% off to grab attention. If you can't afford to do that, you don't want to bother with 10% off.

There are many different types of incentives a small business owner can offer instead of a discount.

How Can a Small Business Owner Access Travel Incentives for Client Acquisition?

Torres had an idea to survey clients, while asking them to do video testimonials. His business was already in the travel space. The website for his business was quickly becoming one of the fastest growing travel sites in North America. He used the following strategies to acquire access to travel incentives—

Convincing hotels to allow them to use their rooms during off peak times, this way the hotels would generate some revenue versus zero revenue.
Offering hotel savings cards in cash credits. These buy down the retail price at the destination.
Obtaining restaurant savings vouchers in exchange for exposure and reviews.

These incentives were offered to members for one low monthly fee. Torres suggests making the incentive easy and affordable to access.

Has the Covid-19 Pandemic Impacted Travel Incentives?

The pandemic has had a definite impact on travel in 2020 and 2021. To combat this, we amended our giveaways, allowing people 18-24 months to select travel dates. "Now we see the highest rate of usage of these incentives. People are sick and tired of lockdowns and face masks, rules, jabs."

Incentives allow a small business to stand out from the crowd. This helps generate more revenue by using offers that are valuable to their customers. If you want to learn more about incentive based marketing, Torres can be reached on LinkedIn or simply visit his website MarketingBoost.

What to learn how to be a better business owner? Like and subscribe to Straight Talk About Small Business Success Podcast for more great business solutions and ideas.

Marco Torres

Marco Torres is a successful entrepreneur and marketing strategy expert as well as the founder of www.marketingboost.com.

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